Early in 2011, Magic Johnson Enterprises and investor Ron Burkle's Yucaipa Companies announced a strategic investment in Vibe Holdings LLC. Johnson himself was named Chairman of the company, which also owns Vibe.com, Uptown Magazine and the Soul Train library and television program.

"Currently the landscape of modern media lacks a platform to serve this community on a global scale," Johnson said of the acquisition. "History and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings."

"Through leveraging established brand equity we will create a pertinent message vehicle for major advertisers," he continued. " We will redefine Vibe Holdings as the center of influence for the coveted urban audience."

The former Los Angeles Lakers superstar was named the sixth-richest African American by Forbes magazine, with an estimated worth of $500 million. Johnson also purchased three radio stations in 2011, all in the Phoenix area; and since selling his stake in the Lakers in 2010, there has been rampant speculation that he will be making a bid to become majority owner of his own NBA franchise--possibly the Detroit Pistons.